HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Ed, I'm with you on this topic, in fact I don,t think we need to borrow any more money from anywhere other than enough to maintain a status quo. We have a resource at present and a damned good one at that. My feeling is to sit tight till movement is made by the politicians on financing access to the area, whether it be north -south or east -west, as well as a negotiated deal with the FN's involved. We don't need blockades of roads or rail lines to disrupt and devalue what we have once operations begin. I hate this waiting as much as the next guy but to me there is no value in creating more debt and or dilution at this point. I take a sit tight and wait and see attitude for now. I also think (gut feeling) that by the end of summer things will have changed for the better as far as share value. A good day to all. the deputy

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